- Aussie extends sell-off in the wake of the latest RBA rate cut talks.
- AUD/USD breaks below daily cloud, intraday bias bearish.
- Technical studies support downside, RSI and Stochs are sharply lower. MACD supports downtrend.
- ADX is above 25 and rising and we see bearish DMI dominance, which supports upside.
- Next bear target lies at 200-DMA at 0.7664, and we see bearish invalidation only above 20-DMA at 0.7917.
Support levels - 0.7743 (session low), 0.7664 (200-DMA), 0.7587 (Mar 28 low)
Resistance levels - 0.78 (cloud base), 0.7818 (5-DMA), 0.79, 0.7919 (20-DMA)
Recommendation: Good to go short on rallies around 0.7780/90, SL: 0.7840, TP: 0.7745/ 0.77/ 0.7665.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -39.2036 (Neutral), while Hourly USD Spot Index was at 98.9219 (Bullish) at 1030 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest
